October 11, 2012 3:54 am
“Members of our nation’s military frequently move, living on bases around the country and overseas,” explained Kate Kohler, chief operating officer of the PenFed Foundation and a former Army captain. “When they are finally able to settle down, they often need a little help with purchasing their first home.”
Under the Dream Makers program, qualifying military personnel and veterans who are buying their first homes may receive a grant to cover a portion of their down payment and closing costs.
With interest rates at historic lows and the wars in Iraq and Afghanistan winding down, the program has become more popular, going from 47 grants in 2009 to 51 in 2010 to a record high of 93 in 2011. Already this year, the PenFed Foundation has given away 84 grants, putting it on track to beat last year’s record.
Applying for a Dream Makers grant is easy and can even be done online. Grantees don’t need to be a Pentagon Federal Credit Union member to benefit from Dream Makers and the grant can be applied to a mortgage from any financial institution.
According to the Office of the Deputy Under Secretary of Defense for Installations and Environment, approximately 65 to 70 percent of service members live in private sector housing. This means that buying a home is one way that military members can make a significant investment during their service, which could help greatly benefit their financial security now and later on in life.
“With fewer service members heading overseas and longer station assignments, more of them are looking to buy a home,” said Kohler. “Through our Dream Makers program, the PenFed Foundation is planning on helping them make that part of the American dream come true.”
To learn more about the Dream Makers program and apply online, visit: http://www.penfedfoundation.org/dreammakers.
Published with permission from RISMedia.